Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market made new lows, but there is a strong support on 111.00.
AUD/USD is chasing the “Shark”
SELL 0.7880, SL 0.7935, TP 0.7760
On the daily chart, AUD/USD keeps correction to the uptrend. For its further development bears need to pull the prices below 0.7900 and renew correction low at 0.7875. In this case, the “Shark” pattern will be triggered. Its 88.6% target corresponds to the lower border of the medium-term uptrend.
On H1, AUD/USD keeps consolidating in the 0.7880-0.7965 area in line with “Shakeout-Fakeout” and “Spike and ledge” patterns. The break of support at 0.7880 will be a signal for the development of correction towards 0.7760.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are entered into the Cloud.
Recommendation: BUY 111…
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